How much extra in pounds per month would someone earning £80,000 a year pay with the tax increase mentioned in Labour's manifesto?
10th Dec 2019
At the moment someone earning £80,000 a year would pay no income tax on all earnings up to £12,500 (if they have the standard personal allowance), 20% on all earnings above that up to a value of £50,000 and 40% on anything above that.
The highest rate of income tax available at the moment is 45% on earnings above £150,000.
According to the Labour manifesto, the party would set a new rate of 45% on earnings above £80,000. Therefore, someone earning exactly £80,000 a year would not pay any more income tax than at the moment.
The amount of extra tax someone earning more than this would pay under Labour’s new policy depends on exactly how much they earn. As the Institute for Fiscal Studies explains, someone earning £100,000 a year would pay an additional £1,000 a year in income tax—or £83.33 per month.
The party also proposes setting a new rate of 50% income tax on earnings over £125,000. So someone earning £150,000 would pay an additional £5,375—or £447.92 per month.
This article is part of our Ask Full Fact series on the 2019 general election, answering your questions about the election, from claims the main parties are making to what happens on polling day.
You can see all the questions we’ve answered so far and we’ll keep adding to it as we get through them.